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All Forum Posts by: Khaled Seirafi

Khaled Seirafi has started 66 posts and replied 120 times.

Post: Termites & Fumigation

Khaled SeirafiPosted
  • Investor
  • Orange County, CA
  • Posts 125
  • Votes 29

Hi all. I own some property in Southern California and the Bay Area. I know that termites are very common in California. I spoke to a few termite inspectors and was told that properties should be fumigated once every 7-10 years, and up to 15 years if treated with material that remains and reduces termite infestation in the years after fumigation. Would love to hear some further opinions and feedback on this. 

Post: Properties in LLCs used as collateral

Khaled SeirafiPosted
  • Investor
  • Orange County, CA
  • Posts 125
  • Votes 29

Hi there. Would having properties that are fully paid off in LLCs prevent me from being able to use them as collateral for financing? 

Post: LLCs for multiple properties owned by trust

Khaled SeirafiPosted
  • Investor
  • Orange County, CA
  • Posts 125
  • Votes 29

Hi there. I'm wanting to use Legalzoom to set up separate LLCs for a number of properties. The deeds are in the name of a trust though. Is this something I can do on Legalzoom effectively or should I go down the CPA route? 

Post: LLC formation, does it matter state of filing?

Khaled SeirafiPosted
  • Investor
  • Orange County, CA
  • Posts 125
  • Votes 29

@Kyle J. Thanks for your response. Just to add some more background info. I co-own a condo with my family. I'd be using the equity in this condo for any future loans. However, because my income is not high enough, I was told that I'd need my mom to sign off on any loan. The reasoning given to me by a friend to create an LLC is to separate myself from my family as a business entity. I'm not entirely sure if it makes complete sense to me, but essentially what I'm trying to do is find ways to not need to expose my family to any risk when I choose to take out any loans to use for investing.

As for filing out of state, I understand your reasoning. Thanks!

Post: LLC formation, does it matter state of filing?

Khaled SeirafiPosted
  • Investor
  • Orange County, CA
  • Posts 125
  • Votes 29

Hey there. For the past few years, I've been working for my family, managing their properties pretty much full time. However, I wasn't reporting any of the income I made. I'm wanting to get started in out of state investing (I live in CA) although I need to create a track record for income for about a year to show lenders when I'll need financing. I was told to create an LLC for myself and have my income paid to the LLC so that I can report it. My question is does it matter which state I file the LLC in? California's LLC costs are pretty high.

Post: Refinancing in TX; Is it more challenging?

Khaled SeirafiPosted
  • Investor
  • Orange County, CA
  • Posts 125
  • Votes 29

@Mike Burkett Thanks!

@Andrew Postell Very helpful! I'll be reading your second post. I'm sure I'll have more questions. Would you mind if I shoot some over? 

Post: Refinancing in TX; Is it more challenging?

Khaled SeirafiPosted
  • Investor
  • Orange County, CA
  • Posts 125
  • Votes 29

Hi all. I was just speaking to a loan officer here in CA about the idea of investing in TX. He mentioned that it's unusually difficult to "pull money out" of an investment property (I believe he meant to refinance) in TX. Can anyone give me an idea if that's in any way accurate?

Post: Contractor clashing with city, not completing project (CA)

Khaled SeirafiPosted
  • Investor
  • Orange County, CA
  • Posts 125
  • Votes 29

@Joel Owens Thanks for your reply. I should note that this contractor does focus on smaller projects. None of the larger contractors I contacted would agree to take on the job. 

Post: Contractor clashing with city, not completing project (CA)

Khaled SeirafiPosted
  • Investor
  • Orange County, CA
  • Posts 125
  • Votes 29

Hello everyone. So I got a notice in December from the City of San Mateo's code enforcement unit to replace an exterior wooden staircase at my family's property with one that's up to code. I hired an engineer to draw up the plans in April and also hired his contracting company to do the actual construction which began in May and was supposed to take at a maximum, 2-3 weeks. 

There was an unexpected obstacle in the foundation work and some weather issues which caused some warranted delays, but the rest were due to the contractor's constant missing of deadlines set, their disregard of this project in that it's probably a tiny one compared to the others they're working on, and the back and forth with they city to revise plans and inspections. We had to call them repeatedly for updates as they'd rarely inform us of what was going on, they'd go weeks without sending anyone to work on the job and when they did, it would normally be one person for a couple of hours maybe 2-3 times a week. I was then informed by the contractor that an inspector came by during the final construction phase, that the inspector told them that everything looks good (I've learned that the inspector doesn't have the final say on things), and to just submit the most up to date plans to the City after construction is complete for the final approval. According to the contractor, that final approval should have been quick and over the counter.

Come to find out that the City decided to do a full review of the entire project (the contractor originally said that the particular City engineer assigned to our project is unfriendly and sometimes tough to deal with) and determined that the plans the Contractor submitted do not match the last approved plans that the City's engineer gave him. The Contractor is now extremely upset and stating that everything was approved and that there were no changes done to City's last approved plans. Clearly, there's a miscommunication or disconnect between both sides and so the City engineer asked the Contractor to stop by at the City to discuss. Immediately, the Contractor turned on us, the property owners, and says that the resources for this job have been exhausted and that if we want to move forward, he will start billing us and the visit to the city will cost $495. I've had some issues with him earlier during the job, and threatened to report him to the BBB if he didn't get the project moving. And he responded with "we did 2 revisions to your plans free of charge." We have a contract with him, he's a licensed contractor, and the contract specifically states that they would complete the job for a lump sum, assuming no other additional construction work would be needed. Furthermore, this issue is between him and the City and it's not our problem. Any miscommunications between both sides are not our responsibility.

I'm wanting to get some feedback from others as to how to best move forward. I called the City engineer and he simply restated what he said earlier about the plans not matching. I'm collecting as much information as I can from the City as to what was submitted, when, and by whom because I truly think that the Contractor missed a step and was just not overseeing the project as he should have been. I'll be talking to him this week once I have all the information and will be telling him that his not agreeing to finish the job unless he charges us, is not right. If he doesn't respond to that, I'm thinking of filing a complaint against his company with the California Professional Board of Engineers. However, I'm worried that the delay would cause problems with the City's Code Enforcement department which have been patiently waiting for us to complete this project since December. I really don't want to get fined by them. 

Any advise is welcome. Many thanks!